Today, the 27th, there is movement in the market. Bitcoin has now reached 109,000.
The pattern we are discussing is on the daily frame, and the chart is for observation only, as the pattern has not yet been activated.
For it to be activated, we need to see a break of the trendline, along with a break of the 105,000 level, and a three-day trading close below 105,000. Then we consider the pattern activated and target a rebound zone and the end of the correction at 97,000.
Technical addition:
We set a three-day close below 105,000, as this level is a key corner and important support, and it could mark the end of the correction and the market could recover from there.
However, if the level is broken, it will be retested again, and there could be sideways fluctuations around it before the next move. Therefore, to avoid price manipulation, we adopted a three-day condition.
Cancellation of the pattern:
The corrective pattern will be cancelled unless it is breached and remains above 109,000 for three days, or unless the recent high of 112,000 is breached without any close below it. In that case, the pattern will be cancelled and we will move towards a new high, God willing.
